Mortgage Applications Fall on Less Refinancing

Washington, DC, March 24, 2010--U.S. mortgage applications fell for a second straight week on less demand for refinancing, according to the Mortgage Bankers Association.

Demand for purchase loans, a tentative early indicator of home sales, edged higher, but activity was down from a year earlier.

The MBA said its index of mortgage applications for the week ended March 19 decreased 4.2 percent.

The MBA's  purchase index increased 2.7 percent, while its index of refinancing applications decreased 7.1 percent, reaching its lowest level since the week ended February 19.

The MBA said 30-year fixed-rate mortgages averaged 5.01 percent while 15-year mortgage rates averaged 4.33 percent.